Monday, November 17, 2008

Are we headed for a Depression?

Correct me if I am wrong, but, wasn't the bailout supposed to help? Citigroup has just laid off 53,000 employees. I am so glad that Chris and I decided not to buy a house at this time. This is ridiculous.

"Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.

The plans, posted on the company's Web site, are being discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees.

The company said total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels. The total workforce reductions include thousands of jobs that will be lost when Citigroup completes the sale of Citi Global Services and its German retail banking business.

The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter. The company said that in addition to job cuts, it plans to lower expenses by about 20 percent, and that is has reduced its assets by more than 20 percent since the first quarter of the year."

What's next? Pretty soon no one and I do mean no one is going to be able to get a loan for ANYTHING!

Chrysler has come out with their version of an eco friendly electric car that is absolutely hideous and a joke!

It looks like a glorified golf cart. One accident in this puppy and you can kiss your butt goodbye! Also it doesn't go over 25mph and its range is about 30 miles. It starts at $20,000 and can come in a one seater, two seater and minivan. It comes in many different colors that remind me of something a Teletubbie would drive.

Also, I have noticed that manufacturer's are reducing the amount of their products but keeping the prices the same. For example;

Pepsi has reduced the amount of their 12 and 24 packs to 8 and 18.

Toilet paper has reduced in roll size.

Some canned goods have the same size can but less quantity inside the cans.

If things do not change soon we are in deep poo!

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